Benzinga | Jul 15, 2021 08:58AM EDT

Chevron And Cummins To Explore Strategic Collaboration On Hydrogen

* Chevron Corporation (NYSE:CVX) subsidiary Chevron U.S.A. Inc., and Cummins Inc., (NYSE:CMI) announced a memorandum of understanding to explore a strategic alliance to develop commercially viable business opportunities in hydrogen and other alternative energy sources.

* Chevron and Cummins to collaborate on four main objectives: advancing public policy that promotes hydrogen as a decarbonizing solution for transportation and industry; building market demand for commercial vehicles and industrial applications powered by hydrogen; developing infrastructure to support the use of hydrogen for industry and fuel cell vehicles; and exploring opportunities to leverage Cummins electrolyzer and fuel cell technologies at one or more of Chevron's domestic refineries.

* Price action: CMI shares closed lower by 1.03% at $ 239.01 on Wednesday, and CVX shares are trading lower by 0.78% at $101.97 in the premarket session on Thursday.